SABIC signs new agreements to boost local content

Petrochemical producer Saudi Basic Industries Corp. (SABIC) signed a partnership agreement with the Social Development Bank to finance small projects under its Nusaned initiative, the company said in a statement on Thursday.

A memorandum of understanding (MoU) was also signed with Riyad Bank to develop a financing product to support industrial projects under the same initiative, the statement said.

Moreover, nine MOUs were signed with new investors to enable projects with an investment of more than SAR 950 million that will help create nearly 500 jobs.

The projects include the establishment of high-performance chemical manufacturing plants to serve various industries including oil & gas, mining, paints, coatings, and pharmaceuticals.

The agreements were signed on the sidelines of the third Nusaned Executive Council meeting at SABIC’s headquarters in Riyadh.

Nusaned is a SABIC initiative that seeks to promote investments in small and medium enterprises (SMEs) and support the development of local content.

“The Nusaned initiative has entered into several partnerships for new projects that are aimed at stimulating local content and supporting promising sectors for future growth. The initiative continues to find new opportunities for SMEs, enable local investors, and attract global investments,” Yousef Al-Benyan, SABIC vice chairman and CEO, said.